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MGT-101 Final Term Exams Preparation Virtual University MCQs With Answers

Question # 1

A decrease in value of a fixed asset due to age ,wear and tear is known as

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depreciation

accumulated depreciation

WDV

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Question # 2

An asset that is not physical in nature is called ____

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intangible asset

liquid assets

current asset

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Question # 3

Which of the following is not depreciated?

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factory building

office equipment

Plant

Land

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Question # 4

When a liability is reduced or decreased,it is recorded on the

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Right or the debt side of the account

Left or the debt side of the account

Left or the credit side of the account

Right or the credit side of the account

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Question # 5

In an account if credit< debit side then the balance is known as

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Negative Balance

Debit Balance

Positive Balance

Credit Balance

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Question # 6

Gross profit>Operating expenses=?

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Net profit

Cost of loss sold

Net loss

Gross loss

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Question # 7

A decrease in value of a fixed asset due to age wear and tear is known as

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depreciation

accumulated depreciation

administrative expenses

operating expenses

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Question # 8

Which of the following is not an item of Balance Sheet?

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Accounts receivable

accounts payable

sales revenue

marketable securities

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Question # 9

A summarized record of transaction related to individual or things is called

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Account

Voucher

Journal

Trail Balance

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Question # 10

In which of the following condition a company will have positive working capital?

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if current assets> current liabilities

if current assets < current liabilities

if current assets = current liabilities

if current assets <= current liabilities

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Question # 11

In a balance sheet fixed asset is shown at

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cost price

market value

fair value

written down value

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